By George Anderson
It's not a new concept, but businesses searching for the means of achieving a sustainable competitive advantage are looking to communicate their trust worthiness to customers.
John Drummond, CEO of Corporate Culture out of the UK, suggests that without trust, loyalty cannot exist.
Trust related marketing, as Mr. Drummond calls it, is growing in importance and acceptance for a number of reasons including:
- Consumers are more knowledgeable and demanding so retailers have to raise the bar on performance.
- Marketers are looking to differentiate. Price, for most, is not a sustainable means for most companies to distinguish themselves from the competition.
The five principles of trust related marketing as described by Mr. Drummond are:
- Authenticity - Does what a company says it does match the reality?
- Personal benefit - Can the consumer answer what the product does for them?
- Empathy — Can the consumer relate to your way of doing business, mission, products, etc.?
- Timing — Does the product or service address a current need?
- Belief —Does the product or service align with consumers' strongly held opinions?
Moderator's Comment: Do you see trust related marketing growing in importance for retailers and other marketers? What companies do the best job of trust related marketing? What makes them effective? - George Anderson - Moderator